A local money to stabilize capitalism : the underestimated case of the WIR

Abstract : As a result of the current financial crisis, economists have paid increased attention to local monies designed in an effort to create a new kind of economy, as well as new ways to develop social links. This paper seeks to shed light on the WIR money, a local money that has been in existence in Switzerland since the 1930s. We argue that it provides a shield against crises for two significant and connected reasons. First, from a "horizontal" perspective, the WIR is a coherent economic, as well as social, project that relies on the "melting money" principle. Second, from a "vertical" perspective, it is based on a banking model that is anchored to a specific "attitude" designed to manage the monetary common good. The mix between these "horizontal" and "vertical perspectives is likely to be insightful for other projects like the WIR.
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https://halshs.archives-ouvertes.fr/halshs-01450197
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Submitted on : Tuesday, January 31, 2017 - 10:02:00 AM
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Guillaume Vallet. A local money to stabilize capitalism : the underestimated case of the WIR. Economy and Society, Taylor & Francis (Routledge), 2016, 45 (3-4), pp.479-504. ⟨http://www.tandfonline.com/doi/abs/10.1080/03085147.2016.1224146⟩. ⟨10.1080/03085147.2016.1224146⟩. ⟨halshs-01450197⟩

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